70-1415. Joint authority projects; bonds; issuance; proceeds; uses.

(1) No joint authority shall undertake any project required to be financed, in whole or in part, with the proceeds of bonds without the approval of two-thirds of its members. A joint authority is hereby authorized to issue at one time or from time to time its bonds to pay all or any part of the cost of any of the authorized purposes. The principal of, premium, if any, and the interest on such bonds shall be payable solely from the funds provided for such payment. The bonds of each issue may be sold at public or private sale, may be sold at such price, and shall bear interest at such rate or rates, as may be determined by the board of directors of the joint authority. The bonds of each issue shall be dated and shall mature in such amounts and at such time or times, not exceeding fifty years from their respective date or dates, as may be determined by the board of directors of the joint authority and may be made redeemable before maturity at such price or prices and under such terms and conditions as may be fixed by the board of directors of the joint authority prior to issuing the bonds. The board of directors of the joint authority shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the state. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if he or she had remained in office until such delivery. The board of directors of the joint authority may also provide for the authentication of the bonds by a trustee or fiscal agent. The bonds may be issued in coupon or in fully registered form, or both, as the directors of the joint authority may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds.

(2) The proceeds of the bonds of each issue shall be used solely for the purposes for which such bonds have been issued, and shall be disbursed in such manner and under such restrictions, if any, as the board of directors of the joint authority may provide in the resolution authorizing the issuance of such bonds or in any trust agreement securing the same. The joint authority may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The joint authority may also provide for the replacement of any bonds which shall have become mutilated or shall have been destroyed or lost.

(3) Bonds may be issued under sections 70-1401 to 70-1423 without obtaining the consent or approval of the state or any political subdivision or any agency, commission, or instrumentality thereof.

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